'The priorities were a little baffling': Evite CEO David Yeom on transforming the platform's business model
Evite has big plans to be more than just a free digital invitation service.
The online platform has been around since 1998, providing essentially the same service: online invitations. But the business has had many ups and down. Two years ago, David Yeom and George Ruan purchased the business -- Yeom hails from e-commerce businesses like the Honest Company and eBay; Ruan co-founded Honey.
Yeom joined the Modern Retail Podcast this week and spoke about the company's transformation. "Evite, from a user activity standpoint [and] from a financial standpoint, has never been healthier, more profitable in its history," he said.
The two believed Evite was in need of fundamental changes. For one, the company's revenue was long ad-based. But, as Yeom said, that was "too much compromising on the user experience." Additionally, Evite's look wasn't current -- it looked dated, he said. "For a brand that has the history that it has -- is it still cool to the younger millennials and younger moms?" Yeom said.
With that in mind, Yeom implemented some major changes. For one, he wanted to focus more on commerce than ads. Now, the company both facilitates gifting -- it has become Amazon's biggest gift affiliate -- as well as earns revenue from premium digital invitations. True, 90% of Evite's customers still opt to use free cards, but 10% now shell out for a nicer design.
In addition, Evite changed its entire look and feel. Before, the company had outsourced most of its design. "The priorities were just a little baffling," Yeom said. Now, it's all done in-house and the company has a more up-to-date look and feel. The hope is to attract more younger users -- Yeom said that one-third of the invites sent today are for children's birthday parties.
With all this, Evite has been able to grow its business. It turned a profit in 2021 and now has big international ambitions. The company plans to expand to other English-speaking countries like Canada, Australia and the U.K.
"We're a party company, and Americans aren't the only ones that want to party," said Yeom.